According to three people with knowledge of the situation, Flipkart cofounder Sachin Bansal, who made the largest personal investment in a startup in 2019 when he invested $100 million in Bhavish Aggarwal's Ola, has started discussions with investors to sell his stake in the ride-hailing business.

Closing of the deal would depend on valuation, as those briefed on the situation stated that Bansal valued the company at approximately $4 billion in order to get a premium to sell his stake. At the time of the investment, no specifics were given, but the estimated valuation was $3 billion.

According to the people, Bansal has spoken with Aggarwal about the proposal. The two have been friends for more than ten years and have both developed businesses to compete with US rivals like Uber and Amazon in India. They said he's had talks with a number of sizable family offices and the private investment divisions of investors who participate in public markets.

Bansal made this move shortly after quitting his previous investment in Ather Energy, an IPO-bound company, and selling his stake to Nikhil Kamath of Zerodha, reported by ET.

People close to Bansal claim that during the past year, he has only focused on his fintech company Navi and is looking to sell off significant assets like Ola in order to raise money for his own startup. He has looked into outside funding for Navi, but those discussions have not yet resulted in anything.